On January 15, 2025, the Mandatory Provident Fund Schemes (Specification of Dates for Purposes of Section 19M(2)(a)) (Amendment) (No. 2) Notice 2024 (the ‘Notice’) passed in the Legislative Council (LegCo), establishing key dates for the adoption of the eMPF Platform in connection with the administration of Mandatory Provident Fund ("MPF") schemes, with a focus on the onboarding of the BEA ("MPF") Master Trust Scheme.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On January 15, 2025, the Mandatory Provident Fund Schemes (Specification of Dates for Purposes of Section 19M(2)(a)) (Amendment) (No. 2) Notice 2024 (the ‘Notice’) passed in LegCo, establishing key dates related to the adoption of the electronic Mandatory Provident Fund ("eMPF") Platform for the administration of Mandatory Provident Fund ("MPF") schemes, specifically in preparation for the onboarding of the BEA ("MPF") Master Trust Scheme. These dates are crucial for the transition and implementation of new fee structures associated with the platform.
The Notice mandates the utilization of the eMPF Platform for specified scheme administration functions and delineates specific dates for the implementation of fee reductions within MPF schemes. The overarching purpose of the Notice is to facilitate a smooth transition to the eMPF Platform, particularly concerning the BEA ("MPF") Master Trust Scheme.
The legislation follows a period of public consultation which yielded positive responses, demonstrating broad support for the implementation of the eMPF Platform and the anticipated benefits to the MPF industry, including potential cost savings and opportunities for growth.
The Notice will come into effect on March 5, 2025, and June 5, 2025.
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